If the index drops below 17,800, where it may drop to 17,650 or 17,600, new selling could start, according to experts.
On February 9, the weekly F&O expiry day, the Nifty remained directionless following the previous day's significant upmove and finished 22 points higher at 17, 893.
Concerns over a global slowdown and the likelihood that central banks will continue to tighten policy to control inflation hampered the equity market's potential gains.
On the daily charts, the index continued to hover around 75 points and created a Doji pattern, signifying uncertainty among buyers and sellers over the direction of the market.
For the second straight day, the index made greater highs and higher lows, therefore it's possible that
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If the index drops below 17,800, from which point it can drop to 17,650–17,600, another round of selling may be probable, according to the market expert.
The maximum Call open interest for monthly options was at the 18,000 strike, followed by the 18,500 and 18,200 strikes, and the maximum Call writing was at the 17,700 strike, followed by the 18,100 strike and the 18,200 strike.
On the put side, the largest open interest was at the 17,500 and 17,600 strikes, with writing at the 17,700 and 17,600 strikes, respectively.
Financial Index
The Bank Nifty rose at the start of trading, reaching an intraday high of 41,634, but was unable to hold it, falling to 41,253 within the first hour. At 41,554, the index ended the day 17 points higher.
On the daily charts, it produced a bearish candle with a long lower shadow that negated the creation of higher highs and higher lows and indicated support-based purchasing.
"The Bank Nifty failed to experience a directional movement during the day, remaining basically horizontal. On a closing basis, the bulls were able to keep 41,500. Support is positioned at 41,500-41,300-41,000 on the lower end. 41,800-42,000 are considered to be the higher end's resistance levels "Senior Technical Analyst at LKP Securities, Kunal Shah, stated.
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